Meaning of “economic theory” in the English Dictionary

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"economic theory" in Business English

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economic theorynoun

uk us ECONOMICS

[ U ] the ideas and priniciples that aim to describe how economies work:

Basic economic theory states that if wages are too high, economic growth will suffer.

[ C ] a particular idea or principle that aims to describe how an economy works:

(Definition of “economic theory” from the Cambridge Business English Dictionary © Cambridge University Press)